Why should organisations focus on cybersecurity?

With the development of technologies such as Big Data, most businesses collect tonnes of information about their customers through surveys, website logins and other sources. This sensitive information, though valuable to the companies, also attracts a lot of cyber-criminals who launch cyber-attacks to get the data and misuse it.

Cyber security threats such as data theft, disruption of services, and ransomware can severely impact the operations of any business. Recovering from such threats can also cost the company huge sums of money. Investing in the technology isn’t just desirable anymore—it has become a necessity.

Read on to find the meaning of cyber security, the different types of cyber threats, benefits of investing in the security, and the scope of a career in the domain.

What is cyber security?

Cyber security refers to all those measures required for the protection of systems connected with internet including hardware, software and data from potential data breaches and cyber-attacks. It essentially means protecting important information or products from hackers or cyber-criminals who want to profit from stealing the data.

The extent of cyber-threats remains understated for most industries, Here are a few interesting facts that are enough to convince any organisation to invest in cybersecurity.

The extent of cyber-threats remains understated for most industries, Here are a few interesting facts that are enough to convince any organisation to invest in cybersecurity.

There is a hacker attack on someone in every 43 seconds.
More than 90% of cyber threats occur as a result of human error.
The total cost of global cybercrimes crossed 1 trillion dollars in 2018.
Most of the cyber-attacks target small businesses.
Companies should familiarise themselves with different types of cyber-threats before coming up with a cybersecurity strategy.

Types of cyber security threats

With rapid developments in technology, the nature of cyber threats is also changing. It is important to keep up with the emerging types of cyber threats to effectively mitigate them.

Here are the various types of cyber security threats.

Malware: It is a software programme that is designed to attack any computer and hamper the work of a user. Malware include computer viruses, bugs, Trojan horses, spyware and worms. Malware can also be used to steal information from a computer.
Ransomware: It is a type of malware that locks the system files in the affected computer with the help of encryption. The system files are essentially held ransom by the ransomware. The software then demands payment from the user of the computer for decrypting the files and unlocking them.
Social engineering: It is a malware that relies on human interaction for staging attacks and breaking through secured systems. It tricks the users with conversation mimicking that of a government agency to reveal sensitive information that are generally password protected.
Phishing: It is a type of cyber security fraud where fake emails are sent to users that resemble emails from credible sources. These fraudulent emails are usually filled with malware that steal sensitive information such credit card logins or social security information.

Why cyber security should be a priority for companies?

In today’s digital age, protecting customers’ privacy and data is an absolute necessity. Here are the key reasons behind the importance of cyber security.

1) Absence of a security system can cost companies a lot more.

When a safety breach occurs, a company is forced to shell millions of bucks for everything from paying fines to PR for damage control. Here are a few factors that can push the organisational expenditure.

Operational costs: a security incident can disrupt business operations. Organisations are forced to pay more to restore their operations to a state of normalcy.
Fines: Many international regulatory bodies are known to impose heavy fines on companies reporting security breaches as a punishment for not taking customer privacy seriously. The fines can run into millions of dollars or pounds.
Public opinion: Companies hit with big security breaches often come into the wrong light with the general public. This can affect their sales, total profits and brand reputation. Hence they have to invest more money in public relations to restore their brand images.
2) A robust cybersecurity system increases trust among the customers.

Companies with a strong cybersecurity system are popular among the general public as they portray the idea that they are serious about customer privacy. Since there aren’t a lot of organisations who focus on cybersecurity, investing in the technology can also yield organisations an edge over their competitors. Investing in cybersecurity can also attract a lot of investors.

3) Increased mobile usage can lead to exposure of the system to cyber-attacks.

Mobile applications are popular, but they are more vulnerable to cyber-attacks than hardware. There are plenty of mobile malware in the market that can siphon sensitive data through the customers’ mobile phones. Hence, along with possessing a robust security system for the company hardware, organisations should also consider investing in cybersecurity for their mobile apps, if they have any.

Scope and future of a career in cybersecurity

With a growing importance of cyber security skills, the domain is booming with employment opportunities. This is the right time to invest time and money for pursuing a course on cybersecurity.

With a degree in cyber security, you can work in organisations dabbling in Big Data and organisations handling huge consumer data and other data services. Apart from these opportunities, you can also work in

Financial companies such as banks which handle financial data on behalf of their customers. You will be in charge of protecting the online databases of customers’ financial information.
Stock exchange firms which handle huge reserves of stock market data.
Hardware and software development companies. You will be tasked with the responsibility of securing sensitive data pertaining to designs and codes.
Government data or security agencies.
App designing companies where you will be responsible for developing a cybersecurity system for the apps.
If you want to pursue a career in cybersecurity and are looking at various options for obtaining a degree, the diploma in cybersecurity specialist co-op can be a good choice for you. The one-year course familiarises you with the important aspects of cybersecurity for technologies such as Block chain, Big Data and IoT.

The course also contains a work placement module that allows you to gain practical knowledge in the field by working in an established business. If you want to know more about the course, click here.